Fed Swears In BOG Members

Donald L. Kohn and Ben S. Bernanke today were sworn in as members of the Board of Governors of the Federal Reserve System. The oath was administered by Chairman Alan Greenspan in the Board Room, according to a statement released from the Federal Reserve.

President Bush announced his intention to nominate Kohn and Bernanke on May 8, and the Senate confirmed the nominations on July 31.

Kohn was nominated to a vacant seat last held by Laurence H. Meyer, whose term expired January 31. Kohn's term will expire January 31, 2016, according to the Federal Reserve.

Kohn joined the staff of the Board of Governors in 1975 and is currently Advisor to the Board for Monetary Policy where he serves the Chairman, members of the Board of Governors and the Federal Open Market Committee, according to a statement from the White House. His past positions include Director of the Division of Monetary Affairs and Deputy Director of Monetary Policy and Financial Markets in the Division of Research and Statistics. Before joining the Board of Governor's staff, Kohn was a Financial Economist at the Federal Reserve Bank of Kansas City. He earned a bachelor's degree from the College of Wooster and a Master's degree and Ph.D. from the University of Michigan.

Bernanke was nominated to the seat vacated by the resignation of Edward W. Kelley Jr. on December 31. Bernanke's term will expire January 31, 2004, according to the Federal Reserve.

Bernanke is a Professor and Chair of the Department of Economics at Princeton University, where he joined the faculty in 1985, according to a statement from the White House. He is also a Fellow at the American Academy of Arts and Sciences. He has served on the faculties of Stanford University, New York University and M.I.T. Bernanke earned a bachelor's degree from Harvard University and a Ph.D. from M.I.T.